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Kevin Bailey: $500K Complaint Against Charles Schwab Advisor

Phoenix financial advisor Kevin Bailey (CRD# 1490570) recently received an investor complaint alleging that his conduct resulted in damages of $500,000. Financial Industry Regulatory Authority records show that he is currently registered as a broker and an investment advisor with Charles Schwab & Company.

Mr. Bailey’s BrokerCheck report discloses one investor complaint. Filed in February 2024, it alleges that as a representative of Charles Schwab & Company, he “provided poor advice by implementing a strategy that is inconsistent with how the funds are supposed to be used.” The pending complaint alleges damages of $500,000.

FINRA has established multiple standards that brokers must follow in the course of their business. One such standard is the suitability rule, which stipulates that they must “have a reasonable basis to believe” that the investments and/or investment strategies they recommend are appropriate for a customer’s background and goals. As outlined in FINRA Rule 2111, brokers determine an investment’s suitability by evaluating “information obtained through reasonable diligence of the firm or associated person to ascertain the customer’s investment profile.” A customer’s profile includes their age, net worth, risk tolerance, income, and more. Brokers who recommend unsuitable investments may be liable in the event of losses.

According to the Financial Industry Regulatory Authority, Kevin Bailey holds 20 years of securities industry experience. Based in Phoenix, Arizona, he has been a broker and an investment advisor with Charles Schwab & Company since 2014 and 2023, respectively. His registration history includes CUSO Financial Services, Edward Jones, and First American National Securities. His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE: the Uniform Combined State Law Examination, or Series 66; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Arizona, California, and Texas. (Information current as of March 31, 2024.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.

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